UK Gambling Regulator Views Digital Currencies as Acceptable by Licensees
The U.K. Gambling Commission (UKGC) now sees digital currencies such as bitcoin as a cash equivalent that its licensees could accept as a payment method. This is contained in a new version of its Licence conditions and codes of practice (LCCP). The newly-released document includes changes from recent consultations. Its Section 5 which addresses payment-related issues says: Licensees, as part of their internal controls and financial accounting systems, must implement appropriate policies and procedures concerning the usage of cash and cash equivalents (eg bankers drafts, cheques and debit....
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The question on whether Bitcoin is money or not has immense implications – with respect to anti-money laundering regulations, taxation, legal arguments, etc. The UK Gambling Commission has just made its views on this issue clear. UK Gambling Commission. The UK Gambling Commission is an independent body, sponsored by the UK Department for Culture, Media and Sports. It was set up under the Gambling Act (2005) to regulate gambling in Great Britain. It regulates a wide variety of gambling activities including lotteries, casinos, arcades, bingo, betting, etc. Views on Digital Currencies. In the....
The UK's gambling regulator has clarified its rules for digital currencies. In an update to its codes of practice issued this July, the UK Gambling Commission (UKGC) outlined how licensees can implement appropriate policies for so-called cash equivalents, a definition under which digital currencies are captured. The policy change appears to have occurred largely without fanfare, to date drawing only recent interest from gambling industry news sources such as Esports Observer. Though short on details, the UKGC advises that the intention of the updated language is to protect consumers and....
The government of the Isle of Man is looking to plug a gap in its gambling regulations as they relate to bitcoin and other digital currencies. Officials are currently weighing regulatory changes that would allow gambling services to accept digital currencies “as if they were cash”. Specifically, the Isle of Man’s Gambling Supervision Commission (GSC) wants to tweak the definition of “the deposit of money” currently on the books to include “the deposit of something which has a value in money or money’s worth”, which would cover digital currencies. Mark Rutherford, deputy chief executive of....
The Isle of Man’s Gambling Supervision Commission (GSC) and Treasury have approved changes to the island’s gambling regulation that allow virtual currencies like Bitcoin to be accepted as cash, according to a report from the GSC’s Mark Rutherford, deputy chief executive. The regulation, called the Gambling Regulation Package 2016, includes other changes, such as expanding voluntary gambling controls that an operator can offer players. The suggested changes remain subject to approval by government drafters, the report noted, although any deviations will be in wording rather than intent. The....
NetBet recently announced that it has become the first U.K. licensed online gambling operator to accept bitcoin payments to its U.K. customers. As the U.K.’s largest leading betting operator, NetBet has decided to start accepting the digital currency, bitcoin, in an attempt to reach the expanding customer base that uses bitcoin in the U.K., reports gambling news site, Calvin Ayre. Bitcoin accepted! In August, the U.K. Gambling Commission (UKGC) announced that it sees digital currencies as an equivalent to cash that licensees could accept as payment. In a new version of its License....